Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.19.2
Notes Payable
3 Months Ended
Jun. 30, 2019
Notes Payable [Abstract]  
Notes Payable

The following table summarizes our unsecured promissory notes at June 30, 2019 and March 31, 2019:

 

  June 30, 2019  March 31, 2019
  Principal     Accrued       Principal     Accrued      
  Balance     Interest     Total Balance     Interest     Total
                             
7.75% and 7.15% Notes payable                            
to insurance premium financing company (current) $ 246,400     $ -     $ 246,400 $ 57,300     $ -     $ 57,300
                                         

 

In May 2019, we executed a 7.15% promissory note in the principal amount of $230,200 in connection with certain insurance policy premiums. The note is payable in monthly installments of $23,800, including principal and interest, through March 2020, and had an outstanding principal balance of $207,800 at June 30, 2019. In February 2019, we executed a 7.75% promissory note in the principal amount of $63,500 in connection with other insurance policy premiums. That note is payable in monthly installments of $6,600 including principal and interest, through December 2019 and had an outstanding principal balance of $38,600 at June 30, 2019.